Note: This document has been translated from the Japanese original for reference purpose only. In the event of any discrepancy
between this translated document and the Japanese original, the original shall prevail. The Company assumes no responsibility forthis translation or for direct, indirect or any other forms of damages arising from the translation.
May 14, 2024

Consolidated Business Results
for the Fiscal Year Ended March 31, 2024 (Japan GAAP)
Company:

FUJITEC CO., LTD.

Stock Code:6406

Listed on TSE
URL: https://www.fujitec.com

Representative:

Masayoshi Harada, President and CEO

Contact:

Kosuke Sato, Director, Senior Executive Operating Officer, General Manager of Finance HQ

TEL: +81-72-622-8151

Expected date of general shareholder’s meeting: June 26, 2024

Expected starting date of dividend payment: June 27, 2024

Expected date of submission of statutory financial report: June 27, 2024
Presentation of the business results: No(The Company plans to post a video of the financial results
Supplementary materials for the business results: Yes
presentation on the Company’s corporate website)(Amounts less than one million yen are rounded down)
1. Consolidated business performance for the fiscal year ended March 31, 2024 (April 1, 2023 to March 31, 2024)(1) Operating results(% change from the previous corresponding period)
Profit attributable to
Net sales
Operating income
Ordinary income
owners of parent
Year ended
Millions of yen%
Millions of yen%
Millions of yen%
Millions of yen%
March 31, 2024
229,401
10.5
14,571
25.4
18,71740.4
17,830111.4
March 31, 2023
207,589
11.0
11,618(15.7)
13,331(15.2)
8,433(22.2)(Note) Comprehensive income ― March 31, 2024: 27,601 million yen [45.2%], March 31, 2023: 19,007 million yen [(13.2)%]
Net income
per share

Diluted net income
per share

Return on equity

Ordinary income /total assets ratio

Operating income /net sales ratio

Year ended
Yen
Yen
%
%
March 31, 2024
228.55228.4412.9
7.7
March 31, 2023
106.67106.61
6.7
5.9(Reference) Investment profit on equity method ― March 31, 2024: ― million yen, March 31, 2023: ― million yen

%

6.4
5.6

(2) Financial position
Total assets

Shareholders’equity ratio

Net assets

Net assets per share

Year ended
Millions of yen
Millions of yen%
March 31, 2024
256,402
165,177
57.9
March 31, 2023
230,098
144,117
55.6(Reference) Shareholders’ equity ― March 31, 2024: 148,358 million yen, March 31, 2023: 127,897 million yen(3) Consolidated cash flows
Cash flows fromoperating activities
Year ended
Millions of yen
March 31, 2024
17,498March 31, 2023
(2,346)

Cash flows frominvesting activities

Cash flows fromfinancing activities

Yen

1,901.28
1,640.29

Cash and cash
equivalents at year end

Millions of yen

Millions of yen

Millions of yen

433
1,949

(12,104)(10,670)

38,987
31,463(Note) In the current consolidated fiscal year, the Company finalized the provisional accounting treatment for a business combination.
The relevant figures for the previous consolidated fiscal year reflect the details of the finalization of the provisional accounting
treatment.
2. Cash dividends
End of
1st quarter

Cash dividends per share
End of
End ofFiscal2nd quarter3rd quarteryear-end

Total

Total
dividend

Payout ratio(consolidated)

Dividend on
equity(consolidated)

Yen Millions of yen%%
Year ended
March 31, 2023
35.00
40.00
75.00
5,896
70.3
4.7
－
－
March 31, 2024
35.00
120.00155.0012,09467.8
8.8－－
Year ending
March 31, 2025
75.00
90.00
165.0080.5－－(Projection)(Note) Year-end dividend for the year ended March 31, 2023: Regular dividend: 35.00 yen Commemorative dividend: 5.00 yen
Year-end dividend for the year ended March 31, 2024: Regular dividend: 50.00 yen Special dividend: 70.00 yen
Yen

Yen

Yen

Yen

3. Consolidated Earnings Projections for the Year Ending March 31, 2025 (April 1, 2024 to March 31, 2025)(% change from the previous corresponding period)
Profit attributable to Net income
Net sales
Operating income
Ordinary income
owners of parent
per share
Millions of yen

Year ending
March 31, 2025

245,000% Millions of yen

6.8

18,100% Millions of yen

24.2

20,000%Millions of yen

%

Yen

6.9

16,000(10.3)

205.05

4. Other(1) Changes in significant subsidiaries during the period(changes in specified subsidiaries due to changes in the scope of consolidation): No(2) Changes in accounting policies, changes in accounting estimates, and retrospective restatements
1) Changes in accounting policies due to revision of accounting standards: Yes
2) Changes other than 1), above: No
3) Changes in accounting estimates: No4) Retrospective restatements: No(3) Number of shares outstanding (common stock)1) Number of shares outstanding at the endof period (including treasury stock):

Year ended March 31, 2024:
78,900,000 sharesYear ended March 31, 2023:
78,900,000 shares

2) Treasury stock at the end of period:

Year ended March 31, 2024:
869,385 sharesYear ended March 31, 2023:
927,798 shares3) Weighted average number of shares
outstanding during the period:

Year ended March 31, 2024:
78,015,393 sharesYear ended March 31, 2023:
79,062,218 shares(Note) Treasury stock for the year ended March 31, 2023 includes 51,400 shares of Fujitec Co., Ltd. stock held by the Trust-Type
Employee Shareholding Incentive Plan (E-Ship).
(Reference) Summary of Non-consolidated Results
1. Non-consolidated business performance for the fiscal year ended March 31, 2024 (April 1, 2023 to March 31, 2024)(1) Operating results(% change from the previous corresponding period)
Net sales
Operating income
Ordinary income
Net income
Year ended
Millions of yen%
Millions of yen%
Millions of yen%
Millions of yen%
March 31, 2024
88,072
13.6
6,645
214.7
17,121(3.9)
14,197(8.4)
March 31, 2023
77,5072.6
2,111(61.2)
17,81979.915,50589.6
Net income per share
Year ended
March 31, 2024
March 31, 2023

Diluted net income
per share

Yen

Yen

181.99196.11181.89196.02(2) Financial position
Total assets

Net assets

Shareholders’equity ratio

Net assets per share

Year ended
Millions of yen
Millions of yen%
March 31, 2024
106,258
78,425
73.8
March 31, 2023
94,631
67,55971.4(Reference) Shareholders’ equity ― March 31, 2024: 78,390 million yen, March 31, 2023: 67,524 million yen

Yen

1,004.61
866.01* This summary is not subject to audit procedures by certified public accountants or audit firms* Explanation regarding appropriate use of business forecasts and other special instructions
The forecasts regarding future performance in this report are based on the information currently available to the Company andcertain assumptions that the Company deems to be reasonable at the time this report was prepared. These forecasts are not aguarantee of performance. Actual results may differ significantly from forecasts due to a variety of factors.
For more on business forecasts, see (4) Future Outlook on P.7 of Consolidated Business Results for the Fiscal Year Ending March
31, 2025 (Accompanying Materials).

Table of Contents
1. Operating Results

2(1) Explanation of Operating Results

2(2) Explanation of Financial Position

5(3) Consolidated Cash Flows

6(4) Future Outlook

7(5) Basic Policy on Appropriation of Profits and Dividends for the Current and Next Fiscal Years

8

2. Basic Approach to Selection of Accounting Standards

8

3. Consolidated Financial Statements and Notes

9(1) Consolidated Balance Sheets

9(2) Consolidated Statements of Income and Consolidated Statements of Comprehensive Income

11

Consolidated Statements of Income

11

Consolidated Statements of Comprehensive Income

12(3) Consolidated Statements of Changes in Shareholders’ Equity

13(4) Consolidated Statements of Cash Flows

15(5) Notes to the Consolidated Financial Statements

17(Notes Regarding Assumptions of Going Concern)

17(Changes in Accounting Policies)

17(Changes in Presentation Methods)

17(Supplemental Information)

17(Segment and Other Information)

18(Per-Share Information)

21(Significant Subsequent Events)

21

-1-

1. Operating Results(1) Explanation of Operating Results
Despite differences among regions, the global economy remained uncertain worldwide throughout the current consolidated
fiscal year due to tight monetary policies and the sluggish economy in China. In the U.S., employment and income wasfavorable and consumer spending remained firm, despite sluggish manufacturing. In China, the economy continued to slow as
housing sales and capital investment remained sluggish due to the impact of the ongoing drop in real estate prices. In Japan,
business confidence in the non-manufacturing sector improved due to a recovery in consumer spending and inbound demand.
The Japanese manufacturing sector transferred prices associated with rising prices, resulting in a gradual economic recovery.
In response to these circumstances, the Fujitec Group continued to implement specific measures reflecting the basic strategies
of our three-year medium-term management plan Vision24, which we began in fiscal 2022.
Under our sales strategy, we endeavored to improve profitability in our domestic market by extending our modernization
product lineup through expanding the sales of standard models and introducing a control panel replacement package
compatible with large elevators. In terms of sales performance, we delivered a total of 110 elevators and escalators to
Azabudai Hills (opened last year), recording the largest number of elevators and escalators ever delivered in our domestic
projects. In the global market, we engaged in regional sales strategies tailored to the characteristics of each region, including
growth markets. In India, we received orders for 538 elevators in large-scale housing projects. In Singapore, we upgraded 19
elevators to maintain safety and improve functionality in a high-rise building that we finished in 1986. Under our product andtechnology strategy, we are developing and marketing strategic models tailored to the maturity level in each market,
improving customer convenience through web services for building managers, improved convenience through elevator androbot communications, IT, AI, and other new technologies. In this way, we work to solve customer issues. Under our
production and operations strategy, we began construction of an elevator parts analysis and evaluation center (tentative name:
Quality Laboratory Building) to improve product quality. We also worked to reduced production costs incurred through global
procurement and reform installation costs in the field. Overseas, Fujitec India endeavored to increase production capacity,
including the full-scale operation of a second elevator plant. Under our corporate strategy, we pursued aggressive M&A
activities in Japan and overseas in this growth phase of our company, including the acquisition of Stampede Elevator in
Canada. In terms of capital policy, we improved capital efficiency by streamlining working capital. We implement
sustainability activities with an eye to ESG, including the publication of our first Integrated Report (Japanese and English) in
December last year and the expansion of non-financial information. We also introduced double-connected trucks to pursue
decarbonization and labor savings, and formulated new company-wide occupational health and safety guidelines and a healthdeclaration to create a lively workplace. We have been engaged in steady governance-related initiative in response to theresults of third-party committee investigation results we received after the extraordinary general meeting of shareholders in
the previous fiscal year. These results concerned the renewal of the Nomination and Compensation Advisory Committee andthe obstruction of director candidates and others in connection with shareholder proposals at the extraordinary general
meeting of shareholders. Following the report, we disclosed company measures in December, including specific measures toestablish corporate governance in line with the highest standards expected from listed companies. In October 2023, welaunched the Steering Committee consisting of management, executive officers in charge of major divisions, and outside
directors. This committee discusses the medium- to long-term direction of the company and key strategies. and as a result, inlight of changes in the business environment surrounding the Company and other factors, a new five-year medium-term
management plan was approved by the board of directors on May 14, 2024. As a result, in light of the changes in the businessenvironment surrounding the Company, the board of directors approved a new five-year medium-term management plan on
May 14, 2024, which entails fundamental corporate reforms to realize the Company's latent value. The new medium-term
management plan defines our long-term vision to establish Fujitec as an industry-leading brand for all to experience thebeauty and hospitality of a specialized Japanese manufacturer. Under this vision, we will strive to evolve into an excellent
company—a reborn Fujitec embracing the spirit of continuity and change.

-2-

As a result of the matters discussed above, the Fujitec Group recorded business performance for the consolidated fiscal year
ended March 31, 2024, as described below.
(Amounts less than one million yen are rounded down)
FY2022 Q4

FY2023 Q4Real change, after
excluding theimpact of foreignexchange (%)(April 1, 2022 March 31, 2023)(April 1, 2023 March 31, 2024)

Change (%)

Japan

85,32897,24814.0―

East Asia

59,973

66,242

10.5

6.1

South Asia

25,83036,07839.7

30.6

The Americas andEurope45,84848,0024.7(0.9)

Subtotal

216,980

247,571

14.1―

Adjustments(13,749)(15,383)

―

―

Total

203,230

232,188

14.2

―

Japan

80,65989,837

11.4―

East Asia

92,75882,835(10.7)(14.0)South Asia

26,57433,594

26.4

18.2

The Americas andEurope49,44657,26215.8

8.8

Subtotal

249,439

263,530

5.6―

Adjustments(4,540)(5,213)

―

―

Total

244,898

258,316

5.5―

OrdersOrder backlog

Domestic orders increased significantly year on year in the new installations due to increased price pass-through to higher
material and logistics costs. Orders for apartment complexes and stores in particular grew significantly. In the Aftermarket
Business, modernization projects increased due to the effect of price revisions, similar to new installations. Repair work andmaintenance (servicing and maintaining elevators and escalators) remained strong due to efforts to improve new contract
rates.
Overseas orders for new installations in East Asia decreased in China and Taiwan, but increased in Hong Kong. In South Asia,
new installation orders increased in Singapore and India, and the Aftermarket Business increased in all regions. In theAmericas and Europe, new installations decreased in the U.S. and Canada, but Aftermarket Business increased in the U.S. andthe U.K.

-3-

(Amounts less than one million yen are rounded down)
FY2022 Q4

FY2023 Q4(April 1, 2022 March 31, 2023)(April 1, 2023 March 31, 2024)

Change (%)

Real change, after
excluding theimpact of foreignexchange (%)

207,589

229,401

10.5

―

Japan

75,00585,53214.0―

Overseas

132,583

143,868

8.5

3.2

Operating income

11,618

14,571

25.4―

Ordinary income

13,331

18,717

40.4―

Profit attributable to owners ofparent8,433

17,830111.4―

106.67 yen

228.55 yen――

Net sales

Net income per share

Both sales and profits increased year on year in current fiscal year. Ordinary income increased due to higher interest income
from rising interest rates, and a decrease in provision of allowance for doubtful accounts. Profit before income taxes increased
mainly due to gain on sales of property, plant and equipment of a consolidated subsidiary.
As a result, profit attributable to owners of parent rose year on year.
The business combination with Express Lifts Limited (currently Fujitec Express Limited) on September 20, 2022, accounted
for tentatively in the previous consolidated fiscal year, was finalized in the current consolidated fiscal year. In accordance,data for the previous consolidated year reflects the revised amounts of the revisions to initial allocation of acquisition costs.
The following information highlights performance by segment:(Amounts less than one million yen are rounded down)
Net sales

FY2022 Q4 FY2023 Q4

Operating income

Change(%)

Real change,
after excluding
the impact of FY2022 Q4 FY2023 Q4
foreignexchange (%)

ChangeReal change,
after excluding
the impact offoreignexchangeJapan

77,50788,072

13.6

―

2,111

6,645

4,533

―

East Asia

82,927

79,378

(4.3)

(7.5)

4,486

1,630

(2,856)(3,019)South Asia

24,12831,000

28.5

19.4

3,543

5,010

1,466

1,027

The Americas
and Europe

36,36145,776

25.9

19.1

1,525

1,455

(70)

(148)

Subtotal

220,925

244,228

10.5―

11,667

14,741

3,074―

Adjustments(13,336)(14,826)

―

―

(48)

(169)

(120)

―

Total

207,589

229,401

10.5―

11,618

14,571

2,953

―

Japan
Both sales and profits increased year on year. Sales increased for new installations and modernization projects in the
Aftermarket Business due to the revisions of sales prices. Operating income increased due to significant effects of sales pricerevisions on improved profitability, despite higher import costs resulting from the ongoing weakening of the yen.

-4-

East Asia
Both sales and profits decreased year on year. Sales decreased, despite increased sales from progress in large-lot
modernization projects in Hong Kong. This decrease is mainly due to fewer new installation projects on hand, especially in
China where orders declined under the real estate recession. New installations also declined due to the impact of lower market
prices. Operating income decreased due to lower sales in new installations in China, as well as impacts from increased
provision for losses on construction in Hong Kong, Taiwan, and Korea.
South Asia
Both sales and profits increased year on year. Sales in new installations increased due to increased sales in India fromincreased orders, despite lower sales in Singapore. For the Aftermarket Business, sales increased due to increased repair workin Singapore and Malaysia. Operating income increased in new installations, mainly due to a return to profit from cost
reductions in India. Operating income in the Aftermarket Business increased due to increased sales in Singapore andMalaysia.
The Americas and Europe
Sales increased and profits decreased year on year. Sales increased in new installations in the U.S. and the U.K. Net sales in
the Aftermarket Business increased, mainly due to an influx in modernization projects in the U.S., as well as the consolidationof a Mexican subsidiary. Operating income increased in the Aftermarket Business due to higher sales in the U.S. resulting
from an increase in maintenance volume and higher maintenance unit prices, while New Installation Business operating
income decreased due to the impact of lower profitability in Canada resulting from higher material and labor costs.

(2) Explanation of Financial Position
Total assets as of the end of the consolidated fiscal year under review amounted to 256,402 million yen, an increase of 26,304
million yen compared with the end of the prior consolidated fiscal year. This result was mainly due to increases in cash anddeposits and notes and accounts receivable - trade, and contract assets.
Total liabilities amounted to 91,225 million yen, an increase of 5,245 million yen compared with the end of the priorconsolidated fiscal year. This result was mainly due to increases in accrued income taxes and provision for losses on
construction contracts.
Net assets amounted to 165,177 million yen, an increase of 21,059 million yen compared with the end of the prior consolidated
fiscal year. This result was mainly due to an increase in profit attributable to owners of parent of 17,830 million yen, an increaseof 5,375 million yen in foreign currency translation adjustments, and an increase of 2,379 million yen in valuation difference on
available-for-sale securities. These increases were offset in part by dividend payments of 5,852 million yen. Our shareholders’equity ratio as of the end of the consolidated fiscal year under review was 57.9%, up 2.3 points compared to the end of the priorconsolidated fiscal year. Net assets per share amounted to 1,901.28 yen, up 260.99 yen compared with the end of the priorconsolidated fiscal year.
The business combination with Express Lifts Limited (currently Fujitec Express Limited) on September 20, 2022, accounted fortentatively in the previous consolidated fiscal year, was finalized in the current consolidated fiscal year. In accordance, data forthe previous consolidated year reflects the revised amounts of the revisions to initial allocation of acquisition costs.

-5-

(3) Consolidated Cash Flows
Cash and equivalents as of the end of the consolidated fiscal year under review amounted to 38,987 million yen, an increase of
7,523 million yen compared with the end of the prior consolidated fiscal year.
The following describes cash flows from each source and change factors for consolidated fiscal year ended March 31, 2024.
Cash Flows From Operating Activities
Net cash provided by in operating activities amounted to 17,498 million yen, compared with 2,346 million yen used in theprevious fiscal year. This result was mainly due to a Loss (gain) on sale and retirement of non-current assets of 5,340 million yen
and an increase in trade receivables of 5,323 million yen, offset in part by a profit before income taxes of 23,916 million yen anddepreciation and amortization of 4,421 million yen.
Cash Flows From Investing Activities
Net cash provided by investing activities amounted to 433 million yen, a decrease of 1,515 million yen compared with the priorconsolidated fiscal year. This result was mainly due to net increase in time deposits of 3,961 million yen and purchases ofproperty, plant and equipment of 2,970 million yen, offset in part by proceeds from sales of intangible assets of 5,405 million yen
and interest and dividends received of 2,161 million yen.
Cash Flows From Financing Activities
Net cash used in financing activities amounted to 12,104 million yen, an increase of 1,433 million yen compared with the priorconsolidated fiscal year. This result was mainly due to a net decrease of 4,457 million yen in short-term borrowings and cash
dividends paid, etc.
(Reference) Changes in Cash Flow Indicators
For the year ended For the year ended For the year ended For the year ended For the year ended
March 31, 2020
March 31, 2021
March 31, 2022
March 31, 2023
March 31, 2024
Shareholders’ equity ratio (%)
Equity ratio based on market
capitalization (%)
Ratio of interest-bearing debt
to cash flow (annual)Interest coverage ratio (times)

55.2

54.8

56.9

55.6

57.9

58.3

93.2

115.6

111.3

115.4

0.4

0.2

0.5

(5.1)

0.5

107.6

225.6

144.1

(15.4)

51.5(Notes) Equity ratio: Equity/total assets
Equity ratio based on market capitalization: Market capitalization/total assets
Ratio of interest-bearing debt to cash flow: Interest-bearing debt/cash flow
Interest coverage ratio: Cash flow/interest payments
1. All indicators were calculated using consolidated financial data.
2. Market capitalization is calculated by multiplying the closing stock price at the end of the fiscal year by the number of shares outstanding at
the end of the fiscal year (after deducting treasury stock).
3. Cash flows are based on cash flows from operating activities shown in the consolidated statements of cash flows. Interest-bearing debt isbased on all debt shown on the consolidated balance sheets for which interest is paid. Interest payments are based on the amount of interest
paid in the consolidated statements of cash flows.

-6-(4) Future Outlook(Amounts less than one million yen are rounded down)
Next Fiscal Year

Year-on-Year
Change (%)

Ending March 31,
2025
Net sales

245,000

6.8

Operating income

18,10024.2

Ordinary income

20,000

6.9

Profit attributable to owners of parent

16,000(10.3)

205.05yen―

Net income per share(Amounts less than one million yen are rounded down)
Net sales
Next Fiscal Year

Operating income
Year-on-Year
Change (%)

Next Fiscal Year

Year-on-Year
ChangeJapan

91,000

3.3

6,500

(145)

East Asia

79,000

(0.5)

3,900

2,269

South Asia

37,000

19.4

5,800

789

The Americas and Europe

52,000

13.6

1,900

444

Subtotal

259,000

6.0

18,1003,358

Adjustments(14,000)

―

―

169

Total

245,000

6.8

18,1003,528

Outlook for the Next Fiscal YearIn the next fiscal year, the speed of recovery is likely to slow due to continued uncertainty about the future, including ongoinginflation in countries around the world, the real estate recession in China, and concerns about the global situation.
The Fujitec Group remains committed to placing the highest priority on the safety and security of our employees and otheraffiliated persons. While we understand the concerns about the supply chain impacts of rising raw materials prices and concernsof the global situation on our businesses, we will endeavor to improve profitability through sales strategies tailored to market
characteristics and cost reforms, reduced SG&A expenses, and other measures based on production and operations strategies.
While it is difficult to make a highly accurate forecast for the next fiscal year at this time, as a result of the above, and based on
the assumption that trends in economic recoveries continue, we forecast net sales of 245,000 million yen (up 6.8% increase
compared with the current fiscal year), operating income of 18,100 million yen (up 24.2%), ordinary income of 20,000 million
yen (up 6.9%), and net income of 16,000 million yen (down 10.3%).
Assumptions Used in Outlook for the Next Fiscal YearThe earnings forecasts above are based on information currently available to the Company and certain assumptions that theCompany deems to be reasonable at the time this report was prepared. These forecasts are not a guarantee of performance. Actual
results may differ significantly from forecasts due to a variety of factors. Major factors include economic conditions in our major
markets (Japan, Asia, the Americas, and Europe), fluctuations in product supply and demand, raw material price trends, andexchange rate fluctuations. We have assumed a US$1 to 145 yen average exchange rate for our full-year forecasts.

-7-(5) Basic Policy on Appropriation of Profits and Dividends for the Current and Next Fiscal Years
In terms of year-end dividends for the current fiscal year, we intend to pay regular dividends of 50 yen per share and a special
dividend of 70 yen per share for a total of 120 yen per share. This dividend reflects the Company marking new record highs in
net sales, operating income, and ordinary income, as well as a new record high in profit attributable to owners of parent
stemming from factors including the recording of special gain on sales of property, plant and equipment of FUJITEC (HK)Company Limited property, plant and equipment. Combined with the interim dividend of 35 yen per share, we plan to pay anannual dividend of 155 yen per share. As a result, we expect the consolidated dividend payout ratio to be 67.8%.
In line with the capital policy we defined in our new medium-term management plan Move On 5, our approach to profit
distribution considers improved capital efficiency and enhancing shareholder returns to be our most important management
priorities. At the same time, we endeavor to maintain distributions targeting an 80% consolidated payout ratio balanced with ahealthy financial foundation in support of business growth.
In addition to internal reserves, we use borrowings based on capital procurement policy to invest actively in growth areas,
engage in M&A, etc., to enhance corporate value, and we will continue to consider share buybacks as a means of returning
profits to shareholders.
We plan to pay an annual dividend of 165 yen per share in the next fiscal year, representing an interim dividend of 75 yen per
share and a year-end dividend of 90 yen per share.

2. Basic Approach to Selection of Accounting Standards
The Fujitec Group prepares consolidated financial statements in accordance with Japanese GAAP to ensure comparability of ourconsolidated financial statements from period to period and from company to company.
Our policy regarding the adoption of international financial accounting standards is to respond in an appropriate manner, taking
into consideration various circumstances in Japan and overseas.

-8-

3. Consolidated Financial Statements and Notes(1) Consolidated Balance Sheets(Millions of yen)
As of March 31, 2023
AssetsCurrent assets
Cash and deposits
Notes and accounts receivable-trade, and contract assets
Merchandise and finished goods
Work in process
Raw materials and supplies
Other
Allowance for doubtful accounts
Total current assets
Fixed assets
Property, plant and equipment
Buildings and structures
Accumulated depreciation
Buildings and structures, net
Machinery and equipment
Accumulated depreciation
Machinery and equipment, net

As of March 31, 2024

58,29775,545
4,968
3,303
12,382
7,771(3,135)80,56085,141
3,672
4,322
12,922
7,653(3,789)159,132

190,484

39,870(19,801)

41,351(21,507)

20,068

19,844

16,198(10,554)

17,014(11,463)

5,644

5,551

9,851
(7,111)

10,529(7,660)

2,739

2,869

7,200
3,233
(1,222)

7,256
4,219
(1,839)Leased assets, net

2,010

2,380

Construction in progress

843

1,645

38,50639,547

1,503
3,903

2,210
3,826

5,406

6,036

10,059
1,262
－
4,812
11,698(780)

11,770
1,171
980
3,580
3,505
(674)

27,052

20,33470,96565,917230,098

256,402

Tools, furniture and fixtures
Accumulated depreciation
Tools, furniture and fixtures, net
Land
Leased assets
Accumulated depreciation

Total property, plant and equipment
Intangible assets
Goodwill
Other
Total intangible assets
Investments and other assets
Investments securities
Long-term loans receivable
Net defined benefit asset
Deferred tax assets
Other
Allowance for doubtful accounts
Total investments and other assets
Total fixed assets
Total assets-9-

(Millions of yen)
As of March 31, 2023
Liabilities
Current liabilities
Notes and accounts payable-trade
Electronically recorded obligations-operating
Short-term debt
Current portion of long-term debt
Accrued income taxes
Provision for bonuses
Provision for director bonuses
Provision for losses on construction contracts
Provision for warranties for completed construction
Provision for shareholder benefit program
Advances from customers
Other

As of March 31, 2024

18,548
3,904
9,789
6
1,430
2,628
46
8,568
2,086
114
21,01011,752

18,181
4,116
5,733

Total current liabilities

79,88884,304Non-current liabilities
Long-term debt
Deferred tax liabilities
Net defined benefit liability
Asset retirement obligations
Other

13
173
4,232
53
1,618

128
213
4,595
53
1,931

Total non-current liabilities

－
4,431
3,173
57
10,227
2,234
127
20,99915,021

6,092

6,921

85,98091,225

Net assets
Shareholders' equity
Paid-in capital
Additional paid-in capital
Retained earnings
Treasury stock

12,533
14,47599,545(2,287)

12,533
14,565
111,405(2,155)

Total Shareholders' equity

Total liabilities

124,268

136,349

Accumulated other comprehensive income
Valuation difference on available-for-sale securities
Deferred gains or losses on hedges
Foreign currency translation adjustments
Remeasurements of defined benefit plans

2,426
(127)
2,098
(768)

4,806
(125)
7,473
(146)

Total accumulated other comprehensive income

3,629

12,00835
16,18535
16,783

144,117

165,177

230,098

256,402

Stock acquisition rights
Non-controlling interests
Total net assets
Total liabilities and net assets- 10 -

(2) Consolidated Statements of Income and Consolidated Statements of Comprehensive Income
Consolidated Statements of Income

Net sales
Cost of sales

FY2022 Q4April 1, 2022 March 31, 2023
207,589
165,430(Millions of yen)
FY2023 Q4April 1, 2023 March 31, 2024
229,401
180,994

Gross profit

42,15848,407

Selling, general and administrative expenses

30,54033,835

Operating income

11,618

14,571Other income
Interest income
Dividend income
Foreign exchange gains
Rent income
Miscellaneous income

1,175
235
649
154
425

2,429
261
752
189
999

Total other income

2,641

4,632

185
571
93
77

387
13

928

486

13,331

18,717

16
10
268

5,363
466

295

5,830

5
37
1,146
0
0
1

4
19
607

Other expenses
Interest expenses
Provision of allowance for doubtful accounts
Commission for purchase of treasury shares
Miscellaneous loss
Total other expenses
Ordinary income
Special gain
Gain on sales of property, plant and equipment
Gain on sales of investment securities
Subsidy income
Total special gain
Special loss
Loss on sales of property, plant and equipment
Loss on retirement of property, plant and equipment
Impairment loss
Loss on sales of investment securities
Loss on valuation of investment securities
Loss on valuation of shares of subsidiaries and associates

－
86

－

－
－
－

Total special loss

1,190

631

Profit before income taxes

12,43523, 916

Income taxes expense
Income taxes for prior periods
Deferred taxes expense

2,474
－
522

4,775
605
148

Total income taxes

2,997

5,529

Profit9,438

18,387

Profit attributable to non-controlling interests

1,005

556

Profit attributable to owners of parent

8,433

17,830- 11 -

Consolidated Statements of Comprehensive Income

9,438(Millions of yen)
FY2023 Q4April 1, 2023 March 31, 2024
18,387

(49)
(172)
9,953
(162)

2,379
2
6,209
622

9,568

9,214

Comprehensive income

19,007

27,601

Comprehensive income attributable to:
Owners of parent
Non-controlling interests

17,113
1,894

26,2091,391

FY2022 Q4April 1, 2022 March 31, 2023
ProfitOther comprehensive income
Valuation difference on available-for-sale securities
Deferred gains or losses on hedges
Foreign currency translation adjustments
Remeasurements of defined benefit plans
Total other comprehensive income- 12 -

(3) Consolidated Statements of Changes in Shareholders’ Equity
Fiscal Year Ended March 31, 2023 (April 1, 2022 - March 31, 2023)(Millions of yen)
Shareholders' equity
Paid-in capital
Balance at the beginning of the current
fiscal year

Additional paid-in capital

12,533Retained earnings

14,474

Treasury stock

104,649

Total Shareholders' equity(2,267)

129,391

Change during the current fiscal year
Change in ownership interest ofparent due to transactions with noncontrolling interests

00

Dividends from surplus(6,427)(6,427)

Changes in scope of consolidation

1,470

1,470

(19)

(19)

8,433

8,433

Effect of hyperinflation
Profit attributable to owners ofparentPurchases of treasury stock(8,932)(8,932)

7

345

352

(8,567)8,567－

Disposal of treasury stock
Cancellation of treasury stock
Transfer from retained earnings tocapital surplus
Net changes of items other thanshareholders’ equity
Total changes during the current fiscal
year
Balance at the end of the current fiscal
year

－

8,560

(8,560)－0(5,103)(19)(5,123)

12,533

14,47599,545(2,287)124,268

Accumulated other comprehensive income
Total
Valuation
Foreign currency Remeasurements accumulateddifference on Deferred gains orothertranslationof defined
available-for-sale losses on hedges
adjustments
benefit plans comprehensive
securities
incomeBalance at the beginning of thecurrent fiscal year
Change during the current fiscal
year
Change in ownership interest ofparent due to transactions with
non-controlling interests

2,475

17

(5,794)(607)(3,908)Stockacquisitionrights

Noncontrollinginterests

Total net
assets35

14,964140,4820Dividends from surplus(6,427)

Changes in scope of consolidation

1,470

Effect of hyperinflation(19)

Profit attributable to owners ofparent8,433

Purchases of treasury stock(8,932)

Disposal of treasury stock

352

Cancellation of treasury stock－

Transfer from retained earnings tocapital surplus
Net changes of items other thanshareholders’ equity
Total changes during the current
fiscal year
Balance at the end of the current
fiscal year

－
(49)

(144)

7,892

(161)

7,537

－

1,220

8,758

(49)

(144)

7,892

(161)

7,537

－

1,220

3,635

2,426

(127)

2,098

(768)

3,629

35

16,185

144,117- 13 -

Fiscal Year Ended March 31, 2024 (April 1, 2023 - March 31, 2024)(Millions of yen)
Shareholders' equity
Paid-in capital
Balance at the beginning of the current
fiscal year

Additional paid-in capital

12,533Retained earnings

14,475

Treasury stock

99,545

Total Shareholders' equity(2,287)124,268

Change during the current fiscal year
Change in ownership interest ofparent due to transactions with noncontrolling interests

81

81

Dividends from surplus(5,852)(5,852)

Changes in scope of consolidation

(48)

(48)

Effect of hyperinflation

(70)

(70)

17,83017,830

Profit attributable to owners ofparentPurchases of treasury stock
Disposal of treasury stock

8

(1)

(1)

133

141
－

Cancellation of treasury stock
Transfer from retained earnings tocapital surplus
Net changes of items other thanshareholders’ equity
Total changes during the current fiscal
year
Balance at the end of the current fiscal
year

－

－

89

11,859132

12,081

12,533

14,565

111,405(2,155)

136,349

Accumulated other comprehensive income
Total
Valuation
Foreign currency Remeasurements accumulateddifference on Deferred gains ortranslationof defined
otheravailable-for-sale losses on hedges
adjustments
benefit plans comprehensive
securities
incomeBalance at the beginning of thecurrent fiscal year
Change during the current fiscal
year
Change in ownership interest ofparent due to transactions with
non-controlling interests

2,426

(127)

2,098

(768)

3,629

Stock
acquisitionrights

Noncontrollinginterests

Total net
assets35

16,185

144,117

81

Dividends from surplus(5,852)

Changes in scope of consolidation(48)

Effect of hyperinflation(70)

Profit attributable to owners ofparent17,830Purchases of treasury stock(1)

Disposal of treasury stock

141

Cancellation of treasury stock－

Transfer from retained earnings tocapital surplus
Net changes of items other thanshareholders’ equity
Total changes during the current
fiscal year
Balance at the end of the current
fiscal year

－
2,379

1

5,375

622

8,379

－

598

8,977

2,379

1

5,375

622

8,379

－

598

21,059

4,806

(125)

7,473

(146)

12,00835

16,783

165,177- 14 -

(4) Consolidated Statements of Cash Flows(Millions of yen)
FY2023 Q4April 1, 2023 March 31, 2024

FY2022 Q4April 1, 2022 March 31, 2023
Cash flows from operating activities
Profit before income taxes
Depreciation and amortization
Impairment loss
Increase (decrease) in allowance for doubtful accounts
Increase (decrease) in provision for bonuses to employees
Increase (decrease) in provision for loss on construction
contracts
Interest and dividend income
Interest expenses
Decrease (increase) in notes and accounts receivable-trade
Decrease (increase) in inventories
Increase (decrease) in notes and accounts payable-trade
Loss (gain) on sales of investment securities
Increase (decrease) in advances received
Loss (gain) on sale and retirement of non-current assets
Increase (decrease) in net defined benefit liability
Loss (gain) on valuation of investment securities
Other, net

12,435
4,033
1,146
294
(785)

23,916
4,421
607
343
490

(2,306)

1,260(1,411)
185(4,281)(4,283)870(10)(3,354)25
49
0(1,156)(2,690)387(5,323)
1,065(1,415)(466)(2,277)(5,340)180

Subtotal

1,453

19,428

Income taxes paid

(3,799)(1,930)Net cash provided by (used in) operating activities(2,346)

17,498(17,503)
25,879(3,723)32(1,805)46(233)－(23,659)
19,697(2,970)
74
(128)
689
(241)
5,405

(1,756)

(528)

177
1,116
(281)

81
2,161
(147)

1,949

433

Cash flows from investing activities
Payments into time deposits
Proceeds from withdrawal of time deposits
Purchase of property, plant and equipment
Proceeds from sales of property, plant and equipment
Purchase of investment securities
Proceeds from sales of investment securities
Purchase of intangible assets
Proceeds from sale of intangible assets
Purchase of shares of subsidiaries resulting in change inscope of consolidation
Collection of loans receivable
Interest and dividends received
Other, net
Net cash provided by (used in) investing activities- 15 -－
4,270

(Millions of yen)
FY2023 Q4April 1, 2023 March 31, 2024

FY2022 Q4April 1, 2022 March 31, 2023
Cash flows from financing activities
Net increase (decrease) in short-term borrowings
Proceeds from long-term borrowings
Repayments of long-term borrowings
Purchase of treasury sharesInterest paid
Cash dividends paid
Dividends paid to non-controlling interests
Payments from changes in ownership interests in subsidiaries
that do not result in change in scope of consolidation
Other, net

5,775
0
(383)
(8,559)(152)(6,414)(806)(4,457)
27
(136)
(1)
(339)
(5,851)
(595)

(1)

(254)

(128)

(496)

Net cash provided by (used in) financing activities(10,670)(12,104)

Effect of exchange rate change on cash and cash equivalents

3,279

1,598

Net increase (decrease) in cash and cash equivalents(7,788)

7,424

Cash and cash equivalents at beginning year
Increase (decrease) in cash and cash equivalents resulting fromchange in scope of consolidation
Cash and cash equivalents at end of year

39,042

31,463209

99

31,46338,987- 16 -

(5) Notes to the Consolidated Financial Statements(Notes Regarding Assumptions of Going Concern)
Not applicable.
(Changes in Accounting Policies)(Adoption of ASU No.2016-13, Financial Instruments—Credit Losses)
During the current consolidated fiscal year, the Company adopted Accounting Standards Update (ASU) No.2016-13 (Financial
Instruments—Credit Losses) for Fujitec Group subsidiaries using U.S. generally accepted accounting principles. With thischange, we revised our method for measuring financial instruments. The aforementioned ASU also requires the recognition of
write-downs for financial assets using an expected credit loss model. The adoption of this accounting standard has no effect on
our consolidated financial statements or per-share information.
(Changes in Presentation Methods)(Changes in the consolidated statements of cash flows)
We revised the account title for loss (gain) on sales and retirement of property, plant and equipment, which had been presented
under cash flows from operating activities in the previous consolidated fiscal year, to for the current consolidated fiscal year due
to the recording of a gain on sale related to intangible assets arising during the current consolidated fiscal year.
As a result, the 25 million yen disclosed under loss (gain) on sales and retirement of property, plant and equipment in the
consolidated statements of cash flows for the previous consolidated fiscal year are presented as 25 million yen in loss (gain) on
sale and retirement of non-current assets.
(Supplemental Information)(Transaction to deliver Fujitec Co., Ltd. shares to employees, etc. via trust)
At a meeting held November 6, 2020, the Fujitec Co., Ltd. board of directors resolved to adopt a Trust-Type Employee
Shareholding Incentive Plan (E-Ship; “Plan”). The purpose of this plan is to incentivize employees to raise corporate value overthe medium and long term, to expand employee welfare benefits, and to encourage steady company growth by motivating
employees through equity participation. However, the company terminated the Trust on August 29, 2023.
(1) Outline of the transaction
The Plan is a Trust-Type Employee Shareholding Incentive Plan (E-Ship) available to all employees who participate in the
Fujitec Employee Shareholding Association (“Shareholding Association”). Under the Plan, the company will establish the
Fujitec Employee Shareholding Association Trust (“Trust”) within a trust bank with whom the company has a business
relationship. The Trust will acquire company stock that the Shareholding Association is expected to acquire over the next
five years via third party allotment, leveraging borrowings from the company’s transaction financial institutions as the sourceof funds. Thereafter, the Trust will sell the company shares in question to the Shareholding Association on an ongoing basis.
If, upon the conclusion of the Trust, the Trust has accumulated an amount equivalent to a gain on sale of stock, such amountequivalent to said gain shall be distributed as residual assets to those persons meeting requirements as beneficiaries. Fujitec
Co., Ltd. will guarantee the loans used to acquire company shares by the Trust. Therefore, if the Trust accumulates anamount equivalent to a loss on sale of stock and the Trust has accumulated a debt balance equivalent to such loss on the saleof company stock at the conclusion of the Trust, the company will repay the remaining debt in question.
(2) Shares of the company remaining in the Trust
Company shares remaining in the Trust are recorded as treasury stock under net assets at the carrying value of the Trust(excluding incidental expenses). The carrying value and number of shares of treasury stock for the previous consolidated
fiscal year amounted to 115 million yen and 51,000 shares, respectively.
As of the end of the current consolidated fiscal year, the Trust contained no remaining shares of Company stock as the Trust
has been discontinued.
(3) Carrying value of borrowings recorded via application of the gross method
No borrowings were recorded as of the end of the current consolidated fiscal year as the Trust has been discontinued.

- 17 -

(Hyperinflation Accounting)
We applied IAS 29, Financial Reporting in Hyperinflationary Economies, for adjustments in connection with the consolidationof the financial statements of Fujitec Argentina S.A.. The economy of Argentina indicated a cumulative inflation rate
exceeding 100% over a three-year period.

(Segment and Other Information)(Segment Information)
1 Overview of reportable segments
The Fujitec Group’s reportable segments are units of the group whose financial information is available separately and arereviewed regularly by the Fujitec Co., Ltd. board of directors for determining the distribution of management resources and theevaluation of business performance.
The Fujitec Group is engaged mainly in the production, sales, installation, and maintenance of elevators, escalators, and otherproducts. Fujitec Co., Ltd. is in charge of businesses in Japan, while independent local subsidiaries are in charge of overseas
businesses in East Asia (China, Hong Kong, Taiwan, and South Korea), South Asia (mainly Singapore and India), and The
Americas and Europe (the United States, Canada, Argentina, Mexico, and the United Kingdom).
Accordingly, the Fujitec Group consists of regional segments based on an integrated system of production, sales, installation,and maintenance, representing four reportable segments: (1) Japan, (2) East Asia, (3) South Asia, and (4) The Americas andEurope.
Effective as of the current consolidated fiscal year, Elevadores EV International, S.A. de C.V. is included in the scope of
consolidation under The Americas and Europe due to its increased importance.
2 Method of calculating net sales, profit (loss), assets, liabilities, and other items of each reportable segment
The accounting treatment for each reportable segment is essentially the same as that used in the preparation of the consolidated
financial statements. Profit for each reportable segment reflects figures based on operating income.
Intersegment internal revenues and transfers are based on prevailing market prices.
Further, during the current consolidated fiscal year, the Company finalized the accounting treatment for business combinations.
The segment information disclosed for the previous consolidated fiscal year represents amounts subsequent to making asignificant revision of the allocation of acquisition costs after finalizing the provisional accounting treatment of the previous
consolidated fiscal year.

- 18 -

3 Information on net sales, profit (loss), assets, liabilities, and other items of each reportable segment
Fiscal Year Ended March 31, 2023 (April 1, 2022 - March 31, 2023)

Reportable Segments(Millions of yen)AmountRecorded on
Adjustments Consolidated
Financial(Note 1)
Statements(Note 2)

East Asia

South Asia

The Americas
and Europe

75,035

72,10324,12336,326

207,589－

207,589

2,471

10,8245

35

13,336(13,336)－

Total

77,50782,927

24,12836,361

220,925(13,336)

207,589

Segment income

2,111

4,486

3,543

1,525

11,667(48)

11,618Segment assets

94,584

106,178

35,65923,642260,065(29,967)

230,098

2,143

957

342

590

4,033

－

4,033

－

－

32

81

114

－

114

99

－

－

1,046

1,146

－

1,146

Japan

Total

Net sales
Sales to externalcustomers
Intersegment
sales/transfers

Other items
Depreciation andamortization
Amortization of
goodwill
Impairment loss

Increase in property,
plant and equipment and
2,703
178
851
793
4,527
4,527
－
intangible assets
Note 1 Adjustments are as follows:(1) Segment income adjustments of (48) million yen include eliminations of intersegment transactions of 6 million yen andinventory adjustments of (55) million yen.
(2) Segment asset adjustments of (29,967) million yen include eliminations of intersegment transactions of (29,766)
million yen and inventory adjustments of (201) million yen.
2 Segment income has been adjusted to operating income on the consolidated statements of income.
3 The increase in property, plant and equipment and intangible assets does not include an increase in amounts stemming fromnew consolidations.

- 19 -

Fiscal Year Ended March 31, 2024 (April 1, 2023 - March 31, 2024)

Reportable Segments(Millions of yen)AmountRecorded on
Adjustments Consolidated
Financial(Note 1)
Statements(Note 2)

East Asia

South Asia

The Americas
and Europe

85,56567,09430,99945,741

229,401－

229,401

2,506

12,284035

14,826(14,826)－

Total

88,072

79,37831,00045,776244,228(14,826)

229,401

Segment income

6,645

1,630

5,010

1,455

14,741(169)

14,571

Segment assets

106,211

107,063

42,37829,709285,362(28,960)

256,402

2,183

970

564

702

4,421

－

4,421

－

－

124

160

284

－

284

142

－

464

－

607

－

607

Japan

Total

Net sales
Sales to externalcustomers
Intersegment
sales/transfers

Other items
Depreciation andamortization
Amortization of
goodwill
Impairment loss

Increase in property,
plant and equipment and
2,737
297
498
585
4,120
4,120
－
intangible assets
Note 1 Adjustments are as follows:(1) Segment income adjustments of (169) million yen include eliminations of intersegment transactions of (0) million yen
and inventory adjustments of (169) million yen.
(2) Segment asset adjustments of (28,960) million yen include eliminations of intersegment transactions of (28,625)
million yen and inventory adjustments of (334) million yen.
2 Segment income has been adjusted to operating income on the consolidated statements of income.
3 The increase in property, plant and equipment and intangible assets does not include an increase in amounts stemming fromnew consolidations.

- 20 -

(Per-Share Information)
Fiscal Year Ended
March 31, 2023
(April 1, 2022 toMarch 31, 2023)

Item

Fiscal Year Ended
March 31, 2024
(April 1, 2023 toMarch 31, 2024)

Net assets per share

1,640.29 yen

1,901.28 yen

Net income per share

106.67 yen

228.55 yen

Diluted net income per share

106.61 yen

228.44 yen

Note 1 In calculating the number of shares of common stock and average number of shares of common stock during the period used
as a basis for the calculation per-share information, treasury shares deducted for said calculation include Fujitec Co., Ltd.
stock (51,400 shares as of the end of the previous consolidated fiscal year under review) held as a trust-type employee
shareholding incentive plan (E-Ship). The average number of Fujitec Co., Ltd. shares held in the trust was 124,154 sharesin the previous consolidated fiscal year and 12,583 shares in the current consolidated fiscal year under review.
2 The basis for calculating net income per share and diluted net income per share is shown in the table below.
Fiscal Year Ended
Fiscal Year Ended
March 31, 2023
March 31, 2024
Item
(April 1, 2022 to(April 1, 2023 toMarch 31, 2023)
March 31, 2024)
Net income per share
Profit attributable to owners of parent(Millions of yen)

8,433

17,830(Millions of yen)－－

(Millions of yen)

8,433

17,830(Thousand shares)

79,06278,015Adjustment of net income attributable toowners of parent(Millions of yen)－－

Increase in number of common stock(Thousand shares)

38

38(Stock acquisition rights included)(Thousand shares)

(38)

(38)

Outline of dilutive stock not included in calculation of diluted net income
per share due to anti-dilutive effect－－Amounts not attributable to shareholders ofcommon stock
Profit attributable to common stock ownersof parent
Average number of outstanding shares ofcommon stock

Diluted net income per share

3 The basis for calculating net assets per share is shown in the table below.
Fiscal Year Ended
March 31, 2023
(April 1, 2022 toMarch 31, 2023)

Item

Fiscal Year Ended
March 31, 2024
(April 1, 2023 toMarch 31, 2024)

Total net assets(Millions of yen)

144,117

165,177

Amount deducted from total net assets(Millions of yen)

16,22016,819(Stock acquisition rights included)(Millions of yen)

(35)

(35)

(Non-controlling interests included)(Millions of yen)

(16,185)(16,783)(Millions of yen)

127,897

148,358(Thousand shares)

77,97278,030Net assets attributable to common stock at theend of the fiscal year
Number of common shares at the end of the
fiscal year used to calculate net assets per
share(Significant Subsequent Events)
Not applicable.

- 21 -